Different between Altcoin and Bitcoin

Altcoins {ALT}




Altcoin is also called "alternative coin" It refers to all cryptocurrency based on the Bitcoin Software, but with a slight changes to its source code, resulting in a different cryptocurrency.

Altcoins usually have their communities, so they can differ from each other. Altcoin communities are driven by the philosophy behind the cryptocurrency, which is not necessarily the same as Bitcoin.

The first Altcoins which are  Litecoin, and Ethereum were released a few years after Litecoin and Ethereum became one of the first altcoins to gain value this created a ROOM for new altcoins to be created in order to capitalize on the perceived success of Litecoin and Ethereum. However, most Altcoins created after Litecoin and Ethereum have failed, compared to Bitcoin, in terms of gaining more value.

Altcoins are more used as a tool for financial speculation or for micro-tipping online content creators. A big part of its appeal is that it enables anyone to create their own currency with amazing features. Furthermore, developers can establish exchange systems without asking for permission from a central authorities such as a bank or government.

 Bitcoin {BTC}

Bitcoin is the first cryptocurrency, an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trust third party.

Bitcoin uses peer-to-peer technology to operate with no any central authority transaction management and money insurance are carried out collectively by the network.

There is no central server kept online. The network relies on users to run software that connect the users within the network. Users are anonymous and interchangeably which are called clients or nodes.

Transactions are verified by network nodes and recorded in a public distributed ledger which are called the blockchain (a historical record of transactions referred to as blocks). The ledger uses its own unit of account which are  also called Bitcoin. The system generates bitcoins through a process called MINING.

Bitcoin was invented by an unknown person or group of people CALLED  Satoshi Nakamoto and released as open-source software 


Similarities between Bitcoin and Altcoins


Means to exchange value

Decentralized

Untraceability

Transparency

Cryptocurrency uses cryptography to ensure security and anonymity, making it difficult to trace transactions.



Differences between Bitcoin and Altcoins


Altcoins

Unlimited supply

Other blockchain applications (e.g., smart contracts)

Proof of Stake (POS) 

Community-driven development



Bitcoin

Proof of Work

First successful Cryptocurrency

Limited Supplys


Cryptocurrencies Can Come In Limited Supply.

The supply of dollars, euros, and other fiat currencies as limit. They are because central banks can print as many of these currencies as they wish. Not only that, but central banks can alter currency values or inflate them as they like, which means that the currency's lack value will deteriorate in the future.

In contrast to fiat currencies, most cryptocurrencies have a finite supply. Bitcoin has a limited collection of 21 million coins. For example, after the limit is over, Individuals can mine BTC no more. Cryptocurrencies were created with a restricted quantity to prevent their value from declining over time
so  it  has   limit



It is very Secure

Users do not need to be concerned about a single point of failure or vulnerability after logging the transaction on the distributed ledger. They will have a copy of the catalog and not rely on a central system for transaction verification.

You can expect less vulnerable  to system failure, flaws, and hacking with that kind of transaction validation and decentralized information that is provided. To put it another way, the blockchain technology that underpins cryptocurrency transactions is what makes any transaction is safer so  it is very secure in trasactions.



Irreversible and Immutable

Blockchain prevents anyone, especially third parties, from altering transactions after the exchange has joined other blocks. Only the private key owner can allow or restrict his ability to perform transactions and transfer digital assets.

Although it is feasible to change a transaction, it isn't easy to do so, thanks to safe cryptography. Furthermore, it will necessitate the replacement of the majority of the network nodes listed in the blockchain. Every transaction is open to the public and publicly documented to prevent fraud or scams in the trades.

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